HIGHFILL -- A contractor has been hired and given the go-ahead to start work at the first of the year on a new parking garage at the Northwest Arkansas Regional Airport.
The airport board said Wednesday it has a contract with Nabholz Construction to build the deck at a guaranteed maximum cost of $35 million even though bonds haven't yet been issued for the project.
Airport staff members are working with lenders on a proposed $25 million bond issue. The airport expects to put in $10 million from $25 million in reserve.
Board members were told, if the bond process hits a snag, they can use airport cash on the front end to cover costs for at least the first four months.
"The risk is having something catastrophic happen in those four months to hike interest rates or something," said Philip Taldo, a board member. "Not that I expect anything, but the less risk we have out there, the better I feel about it."
The order to proceed is expected to be issued Dec. 31. The project should take about 18 months to complete, making it ready to open about August 2018.
"We need to get them on the clock," said Mike Johnson, board chairman.
The board earlier this year approved plans for a 1,400 space, four-level deck with a roof.
The board agreed in March to pay Nabholz Construction $1.5 million for design work and related services for the deck, which will be built in front of the terminal.
The structure is expected to house car rental companies initially. A second deck likely will be added for car rental companies in three to five years, airport officials have said.
Construction of the deck is expected to reduce short-term spaces from 491 to 274 spaces next year.
General News on 12/28/2016